Important lessons for Entrepreneurs

What are the most important lessons entrepreneurs have learned in the first year of their first startup?

 A few random thoughts/experiences/observations in no particular order: People (including VCs) are not out to steal your idea, so don't be too crazy about confidentiality and siloing information Try to team up with people with complementary skill sets. People have a natural tendency to hire people like themselves, ex. Engineers hire other engineers, not business people, etc., but you need both Focus, focus, focus. Don't chase every good idea that comes along, focus on a core product or service and, iterate around it. Try to have at least three business models in mind, so if one doesn't work out, you will have the others to fall back on Make sure that there is demand for your product or service beforehand. Many people come up with cool ideas and then try to retrofit them for a market. Don't do this. Use demand as your point of departure. Make sure that your potential customers understand the value proposition of your product/service AND have the money to pay for it. Never, ever sacrifice your ethics/reputation. There is something about the human condition that makes us think that every opportunity is THE opportunity. That isn't true. If one doesn't work out, there will always be another. But you only have one reputation, so don't sacrifice it. Don't hire in anticipation of growth. Wait until you can't stand it anymore and then hire people. Tie hiring to the meeting of revenue goals, etc. Lead by example. Employees take their cues from the founders. So, if you work hard, act honorably, etc. your employees will too. Invest the time to hire the very best people even if it takes more time and effort. Try to understand and value the work of others. Engineers and designers are like dogs and cats: natural enemies. But they both perform essential functions. Try to cultivate an internal culture of mutual respect and get them to work together and appreciate each other's work. Listen and stay close to your customers. Don't get too far removed from your target audience and try to understand their needs. Stay intellectually honest. Entrepreneurs, by necessity, need to be headstrong, but they also need to be capable of listening to and accepting feedback. So listen to others and, if they are correct, be capable of changing course. Create a culture of transparency with your employees and investors. Don't hide bad news. Talk regularly with your team and encourage an open door policy. Be generous with equity and reward your employees financially, but don't forget to develop a strong company culture and an arsenal of non-financial rewards. These will hold the company together during hard times. Fight as hard as you can in the market, but treat your competitors honorably. Constantly revisit your products and services. Are there ways of improving them? Review your management techniques and make sure that you don't become complacent. Be proactive in looking for ways to improve. As the company grows, make sure that you are delegating to your employees, not keeping everything to yourself, otherwise the company will never scale. This is, by no means, an exhaustive list, just a few things that came to mind.